South African Wool Weekly Market Report (1 February 2023)

The 18th sale of the 2022/23 wool selling season took place, with an offering of 13 786 bales, after a withdrawal of 2 632 bales before the sale.

The majority of the offering consisted of long length, fine micron fleece wools, with 50,6% of the merino wools on offer being certified as sustainable.

The ZAR traded weaker on the first day of the sale, but strengthened during trade on the second day, resulting in some sideways movement in prices later on the 2nd day.

The good market sentiment and competition amongst the buyers continued to drive prices upward, with the non‑certified indicator increasing by 2,2% to close on R177,70 p/kg and the certified indicator gaining 1,3% to close on R191,46 p/kg. An excellent sales clearance of 96% was achieved, which was supported by very good aftersales.

The Australian market also continued on its positive trend this week, gaining 1,3%(AU$) from the previous sale held on Wednesday, 25 January.

The major buyers on today’s sale were: G Modiano SA (3,255), Standard Wool SA (2,570), BKB Pinnacle Fibres (2,535) and Tianyu SA (1,445).

The next sale is scheduled for 7 February 2023.

Source: Cape Wool SA